玩股撇步(動畫小學堂)  

  • 收帳和銷貨天數如果一直上升, 就要當心了!
  • 存貨在不同時期有不同的意義, 像是滯銷, 或是因為報價回升而屯貨, 或是積極備料, 這都需要去看存貨細項和判斷當時的情況來分辨
  • 當存貨增加時, 還需要注意增加的是不是商品或製成品. 如果是在製品或原物料, 反而有可能是供給不順沒法變製成品又或者是需求旺盛(短期營收趨勢向上)
  • 處在景氣下行的公司當存貨細項-原料和在製品的回升可能代表訂單開始回溫了
  • 當記憶體模組廠, 像是威剛、十銓存貨增加時, 有可能是在增加低價庫存, 代表著景氣循環來到相對低點, 也許就是建立部位的好時機
  • 當存貨提列減損損失,虧損認列在該年度,但是存貨價格回升後,之後年度也會直接回沖增加EPS,這種情況很容易在記憶體模組廠見到
  • 存貨一直增加,但是存貨銷售比沒什麼改變,可以推測是公司因為銷售良好而準備的存貨
  • 當淨營業週期(日)接近於0, 代表公司好像在做無本生意
平均收帳天數和平均銷貨天數-近20季
存貨銷售比
近3年股價
應收帳款周轉率 QoQ YoY存貨周轉率 QoQ YoY平均收帳天數 QoQ YoY平圴銷貨天數 QoQ YoY應付帳款付現天數 QoQ YoY淨營業週期(日) QoQ YoY
24Q4 (20)1.49-14.8634.231.7712.7448.7461.0417.7-25.8251.33-11.32-32.8841.1523.54-8.0971.22-6.82-37.53
24Q3 (19)1.7525.0157.351.5712.1455.4551.86-20.42-61.3457.88-10.75-36.0433.31-3.89-42.8676.43-19.84-54.05
24Q2 (18)1.4064.719.371.4021.74-0.7165.17-39.07-8.5564.85-18.380.8134.66-15.079.4195.35-34.51-8.24
24Q1 (17)0.85-23.4221.431.15-3.3661.97106.9629.98-17.2179.453.9-37.5940.81-8.85-26.43145.5927.71-27.57
23Q4 (16)1.1163.24-9.021.1917.822.5982.29-38.669.8876.47-15.49-2.8644.77-23.2119.77114.00-31.47-1.92
23Q3 (15)0.68-46.88-55.561.01-28.37-4.72134.1688.27126.0190.4940.674.9958.3084.0326.38166.3560.0967.32
23Q2 (14)1.2882.8626.731.4198.59161.1171.26-44.85-20.9364.33-49.47-62.1631.68-42.89-57.98103.91-48.31-43.75
23Q1 (13)0.70-42.6211.110.71-38.7929.09129.2072.52-11.18127.3061.71-22.8755.4748.39-47.95201.0272.95-1.43
22Q4 (12)1.22-20.261.671.169.43-0.8574.8926.16-1.1678.72-8.671.5637.38-18.97-49.4116.2316.9146.35
22Q3 (11)1.5351.4980.01.0696.3-3.6459.36-34.13-44.3586.19-49.33.8446.13-38.81-44.3399.42-46.18-6.91
22Q2 (10)1.0160.32288.460.54-1.8258.8290.12-38.05-73.79170.003.01-35.8475.39-29.26-77.88184.73-9.42-31.06
22Q1 (9)0.63-47.536.960.55-52.99-75.66145.4791.99-26.97165.04112.93309.94106.5744.27-21.23203.94156.7995.83
21Q4 (8)1.2041.1860.01.176.36-69.8575.77-28.96-37.2377.51-6.61230.3973.87-10.85-3.4979.42-25.6417.45
21Q3 (7)0.85226.9254.551.10223.53-74.12106.66-68.98-35.1383.00-68.67287.6782.86-75.6910.47106.80-60.14-3.63
21Q2 (6)0.26-43.48-16.130.34-84.96-90.12343.8372.6215.86264.95558.1900.57340.82151.92107.99267.97157.3268.12
21Q1 (5)0.46-38.67187.52.26-41.75-37.74199.1865.01-65.0240.2671.6160.78135.2976.76-55.15104.1454.01-64.43
20Q4 (4)0.7536.360.03.88-8.710.0120.71-26.590.023.469.570.076.542.040.067.62-38.980.0
20Q3 (3)0.5577.420.04.2523.550.0164.43-44.590.021.41-19.150.075.01-54.220.0110.82-30.470.0
20Q2 (2)0.3193.750.03.44-5.230.0296.77-47.880.026.485.750.0163.86-45.680.0159.39-45.550.0
20Q1 (1)0.160.00.03.630.00.0569.350.00.025.040.00.0301.650.00.0292.740.00.0
平均收帳天數和平均銷貨天數-近10年
應收帳款周轉率 YoY存貨周轉率 YoY平均收帳天數 YoY平圴銷貨天數 YoY應付帳款付現天數 YoY淨營業週期(日) YoY
2024 (10)4.3626.386.0845.1183.68-20.8160.02-31.0246.0010.0297.70-35.24
2023 (9)3.4517.354.1922.51105.67-14.8987.01-18.5941.81-49.8150.872.11
2022 (8)2.94-17.183.42-24.34124.1620.92106.8832.3683.29-13.27147.7569.03
2021 (7)3.55269.794.52-72.59102.68-72.8680.75264.8996.03-54.7587.41-53.56
2020 (6)0.96-64.4416.49-61.34378.29180.322.13158.53212.20204.19188.22155.21
2019 (5)2.7027.9642.65441.93134.96-22.068.56-81.5469.76101.0473.75-60.09
2018 (4)2.1127.887.87-28.0173.16-21.5346.3638.8434.7095.6184.81-21.79
2017 (3)1.65-13.1610.93-22.76220.6715.0533.3929.4717.7429.68236.3115.88
2016 (2)1.90-16.6714.1551.18191.8119.5925.79-33.8413.68-9.04203.9210.63
2015 (1)2.28-24.09.36-5.74160.3931.6338.986.0715.04-36.7184.3336.7

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